Clause 114 - Penalty for failure to collect or pay commodities transaction tax - Finance Bill, 2013

Penalty for failure to collect or pay commodities transaction tax 114. Any assessee who ( a ) fails to collect the whole or any part of the commodities transaction tax as required under section 109; or ( b ) having collected the commodities transaction tax, fails to pay such tax to the credit of the Central Government in accordance with the provisions of sub-section ( 2 ) of that section, shall be liable to pay, ( i ) in the case referred to in clause ( a ), in addition to paying the tax in accordance with the provisions of sub-section ( 3 ) of that section, or interest, if any, in accordance with the provisions of section 113, by way of penalty, a sum equal to the amount of commodities transaction tax that he failed to collect; and ( ii ) in the case referred to in clause ( b ), in addition to paying the tax in accordance with the provisions of sub-section ( 2 ) of that section and interest in accordance with the provisions of section 113, by way of penalty, a sum of one thousand rupees for every day during which the failure continues; so, however, that the penalty under this clause shall not exceed the amount of commodities transaction tax that he failed to pay.